On October 14, 2020 The Competition Commission of India (CCI) has given approval to the following acquisition,
TIIL’s Acquisition of over 50% equity share capital of CG Power
CCI approved the acquisition of more than 50% equity share capital of CG Power and Industrial Solutions Limited(CG Power) by Tube Investments of India Limited (TIIL).
TIIL in August 2020 offered to invest Rs 700 crore for over 50% stake.
Adani Green Energy Twenty-Three Ltd’s Acquisition of solar energy generation assets of Adani Green Energy Ten Limited
i.CCI, under Section 31(1) of the Competition Act, 2002 has approved the acquisition of solar energy generation assets of Adani Green Energy Ten Limited (AGE10L) by Adani Green Energy Twenty-Three Ltd (AGE23L).
ii.AGE23L will acquire 100% of the share capital of the targeted companies.
List of assets proposed to be acquired
TN Urja Private Limited; Essel Urja Private Limited; PN Renewable Energy Limited; PN Clean Energy Limited; KN Indi Vijaypura Solar Energy Private Limited; KN Bijapura Solar Energy Private Limited; KN Muddebihal Solar Energy Private Limited; KN Sindagi Solar Energy Private Limited; Essel Bagalkot Solar Energy Private Limited; and Essel Gulbarga Solar Power Private Limited.
Adani Green Energy Ten Limited is the holding company of all the companies listed above.
Key Info About the companies:
Tube Investments of India Limited
i.TIIL is a listed entity and is a part of Murugappa group.
ii.It has 3 business verticals, namely, engineering, metal formed products and bicycles.
iii.It is involved in the manufacture of a wide range of products for the automotive, railway, construction, mining and agriculture industries.
CG Power and Industrial Solutions Limited
CG Power, a listed entity has 2 major business units namely, power systems and industrial systems.
Adani Green Energy Twenty-Three Ltd
i.It is a Joint Venture(JV) between Total Solar Singapore Pte. Ltd. and Adani Green Energy Limited.
ii.Adani Green Energy Twenty-Three Ltd, through its subsidiaries is engaged in the business of solar power generation in India.
Recent Related News:
The Competition Commission of India (CCI) has approved the proposed acquisition of 20% issued and paid-up equity share capital(in short- stake) of Piramal Pharma Limited (in short- Piramal Pharma), wholly owned subsidiary of Piramal Enterprises Limited (PEL) by CA Clover Intermediate II Investments (Curie), an affiliated entity of CAP V Mauritius Limited.
About Competition Commission of India (CCI):
Chairperson– Ashok Kumar Gupta
HeadQuarters– New Delhi, India